Thousands of pensioners have claimed back more than £10,000 after being overcharged tax on their pension withdrawals, new analysis shows.
A handful of people were given a refund worth more than £100,000.
The HMRC figures, which were obtained by Royal London through a Freedom of Information (FOI) request, show an increase in the number of refunds claimed in 2023-24.
Pension freedoms, which came into force from 2015, gave over-55s a range of options over how to use their defined contribution (DC) pension pot.
Generally, people can take up to 25 per cent of their pension as a tax-free lump sum, and the remaining 75 per cent is taxed as income.
